Miami Worldcenter seeks public subsidies
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Developers of the mixed-use Miami Worldcenter project are seeking public subsidies that could be worth tens of millions of dollars as they ready for phase one construction in the first quarter of 2015.
Worldcenter representatives met earlier this week with officials from the Southeast Overtown/Park West Community Redevelopment Agency, according to the Miami Herald. Worldcenter is seeking subsidies for two of its projects: a mixed use residential/retail building in phase one and an adjacent Marriott Hotel and expo center in phase two.
The requested subsidies could bring between $85 million to $121 million to the project depending on whether the CRA is extended to 2030 or 2042, the paper reported. However, a group of local clergy is calling for the CRA to slow down negotiations to increase transparency.
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http://therealdeal.com/miami/blog/2014/1...development-agency/#sthash.fCsZLNbq.dpuf